August 13, 2020

Crypto enthusiasts disappointed by the lack of employers willing to pay wages in bitcoin

Crypto enthusiasts disappointed by the lack of employers willing to pay wages in bitcoin

According to a ChronoBank survey, most employees are prepared to receive part or all of their salary Bitcoin or other cryptocurrencies. Nevertheless, enterprises usually lag behind in their views - despite the advantages such a step has for both employers and their employees.

In July 2018, ChronoBank startup interviewed 445 cryptocurrency enthusiasts from around the world, including the United States, Australia and Russia, in order to learn more about this new financial opportunity.

Cryptocurrency Payments

Despite the active development of cryptocurrency andblockchain economy in 2016-18, employers do not use these innovative technologies. 72% of respondents said that employers never offered them to get paid in cryptocurrencies. Nevertheless, 66% of respondents expect technological changes from employers, and they are ready to receive wages in cryptocurrencies. At the same time, 83% of respondents would be happy if they could receive payments in cryptocurrencies.

Sergey Sergienko, Chronobank CEO, said:

“The most significant was that 72%respondents said they would prefer an employer who can offer the option of paying salaries in cryptocurrency when choosing their next job. These results indicate that employers should accept cryptocurrencies as soon as possible. ”

Access to fast and convenient money transfers,Apparently, this is the main advantage in paying salaries in cryptocurrencies. But this answer varies depending on the nationality of the users. For example, 37.5% of respondents in Australia believe that the most significant advantage of receiving payment in cryptocurrencies is tax evasion. However, most respondents still believe in the future value of digital assets.

50% think that getting paid incryptocurrency will help them spend less, and only 19% will use it to complete transactions. What for? Because if they have cryptocurrency savings in their wallets, there is still an expectation that their value will increase.

Users are aware of the potential risks.that surround cryptocurrencies, but almost half of the respondents (49%) are more concerned about the price volatility of digital assets. Younger people, in particular 18-24 years old, are more worried that they may become victims of hacker attacks (34%) than price volatility (44%).

Only one in five respondents intends to translatecryptocurrencies in fiat after receiving a salary. At the same time, only half of the respondents are willing to pay taxes for their digital income, and about 25% have not yet been able to answer this question. Although 65% of respondents in the United States are willing to pay taxes, in other countries, such as Russia, only 30% are ready. But it is important to emphasize that in general, 62.5% of young people willingly pay taxes on income in cryptocurrency.

Future prospects

Sergey Sergienko said:

“Despite ongoing changes inlegislation of various countries in the field of cryptocurrencies, the audience is still not sufficiently informed about innovations. Almost half of the respondents lack information on whether cryptocurrency wage payments are allowed in their countries. ”

Despite the willingness of respondents to receivefunds in cryptocurrency, most of them doubt that companies will switch to salaries in cryptocurrency. Only 30% of respondents believe that companies will change salaries in digital assets.

Regarding the regions in which employersready to pay salaries in cryptocurrencies: Japan remains the leader (32%). The following are the United States (15%) and South Korea (15%), but respondents from the United States consider more in South Korea (25%) than in Japan (only 13%). In Russia, 47% believe that Japan is the full leader in this industry.

57% of respondents are sure that such initiatives will positively affect the economic growth of countries. In contrast, US respondents (47%) are slightly more skeptical.

In HR, most respondents believethat the blockchain will be used as a secure payment system. About 23% also believe that the blockchain will not be limited to this area and will allow employers to verify the data of employees using this technology.

About ChronoBank

ChronoBank redefines hiring atbased on blockchain technology. A company based in Australia, after successfully selling tokens at 5,400 BTC in February 2017, developed the most sophisticated blockchain recruitment system. ChronoBank is led by a team with in-depth experience in HR, banking and financial technology. The start-up boasts one of the most powerful technical and design teams in the world of blockchain and good funding for innovations in all sectors of personnel management, from hiring employees to compensation for loans and insurance.